Stefan Molyneux, host of Freedomain Radio, interviews Sheila Weinberg. The Institute for Truth in Accounting is an unaffiliated, nonprofit organization created by Sheila Weinberg, a Certified Public Accountant, in 2002. Its goal is to ensure that public and private organizations provide truthful financial information useful to a wide variety of users. The Institute is dedicated to the development of standards and awareness that timely, informative and reliable information is the basis for knowledgeable economic and political decisions.

The Institute is particularly interested in governmental accounting, at all levels. As the world's largest fiscal organization, the U.S. government must be the leader in providing complete and understandable financial information. State and local governments' accounting standards no longer adequately report the scope and scale of obligations assumed by these jurisdictions.

For the past decade, Weinberg has analyzed the Federal government's financial statements and projections. During the late '90's, she was astonished to find that the government was recording trust fund surpluses as both revenues and debt. Her accounting expertise compelled her to question how the national debt could be increasing while the politicians were reporting a government surplus.

As Weinberg dug deeper, she discovered other problems based on accounting issues. During the 2000 Presidential campaign, for example, candidates focused on how they would spend the projected surpluses. At the same time the Congressional Budget Office had projected a large general fund deficit. Surpluses resulted from including trust fund borrowings as income. The annual costs of government public retirement programs were completely omitted from the projections.

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